《大行報告》匯豐研究下調康師傅(00322.HK)目標價至13.9元 評級「買入」
匯豐研究發表研究報告指,康師傅(00322.HK)中期業績表現符合預期,收入及淨利潤按年增長7%及31%,當中即食麵及飲料收入分別增長3%及9.5%,業務分部毛利率亦按年提升5.2及0.5個百分點,淨利潤更增長48%及18%。
該行指出,上半年康師傅於即食麵市場的份額有所回升,相信下半年增長會輕微改善;而飲料業務則預期下半年收入可錄得高單位數升幅,主要受到天氣因素及旅遊業復甦所推動。
匯豐研究又指,公司大力推廣健康、零糖份飲料,將可滿足消費者多元化需求,從而擴闊用戶基礎。至於康師傅中期未有派息,該行指出是預期之內,但仍相信未來可實現百分百的派息比率,又指公司股價年初至今已累跌16%,跑輸大市及H股同業平均表現,認為負面因素已被充分消化,相信公司是H股市場上極具吸引力的防守型股份,維持「買入」評級,目標價降至13.9元。
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